Victoria’s budget shifted much of its COVID-19 debt repayment onto landowners, cutting the general land tax threshold from $300,000 to $50,000 from January 2024 and adding fixed charges, raising an estimated $4.7 billion over four years. PIPA and PICA calculated that an investor holding $1 million of land would pay about $2,000 more each year. REIV and PEXA warned the cost would flow through to renters.
Reported by
Juliet Helmke, Real Estate Business, 25 May 2023
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